Managing your money is the most crucial and difficult thing while you're studying abroad. You are in a new financial system, with new currency and completely different pricing methods.

So, here we'll give you five tips on how to manage your money while being abroad and avoid all the stressful situations like borrowing money or sitting at home on a weekend due to lack of money.

Prepare your budget carefully :

This is one of the most important thing. You must always know how much money you have on you, over what period of time.

The very first thing you ought to do is get yourself used to the local currency and exchange rates as you would naturally calculate everything in your domestic prices. Know the equivalence between the two currencies and keep a list in your head. It would take some time for you to get used to it, but it would prove itself beneficial down the line.

The next crucial thing you have to do is prioritize your expenses. Your expenditure must be more inclined towards what you need rather than what you want. You should pay for your rent and bills first, this way, no matter what happens, you will be rest assured to have a roof over your head.

Find a Job :-

You can easily find a part-time job at your study abroad location. It will offer you the liberty to study as well as earn some extra income. Jobs such as bartender, retail, copy-writing have more flexible hours and are also a good way to meet new people at your study location, which would help you to ease the financial pressure.

Universities often have established programs for international students where you could get a part time job within the university’s body (library, campus, administrative task etc.). It won’t pay much but the best thing is that it is coordinated with your studies.

Spend like a Local :-

The biggest disadvantage of shopping while studying abroad is getting ripped off by local merchants. So, acquaint yourself with a local person and ask him/her about preferred local shops and services located outside of big malls and shopping centers. Thrift shops are another great way to find clothes and interesting items that may be useful.

Spend as less as possible in the initial months of your stay, so you would be able to figure out how much money do you exactly need. You could save on travel costs by checking for transportation options in your university.

Manage Social Interactions :-

Another crucial aspect of managing money while studying abroad is managing interactions with your friends and “out of the blue” adventures. A number of situations will be completely unpredictable and you will have to deal with a lot information at the same time, interactions with friends and random excursions to nearby tourist locations. This would not allow you to keep a track of the amount of expenditure and you would find it extremely difficult to anticipate how much money you will be needing in advance.

Try and avoid visiting expensive restaurants, bars, pubs or cafes. Instead of eating out all the time, cook for yourself. This way you would be able to save a lot of money, which would come handy when you are invited by your friends or colleagues.

Be a Smart Banker :-

The very first thing you must do is to check if your bank has a branch or a partner at your destination. If it available, it would be easier and cheaper to deal with financial transactions. If it isn't available, you might have to use ATMs which, in most cases, belong a private company or a separate financial institution. Here, you will be charged for each withdrawal, and also it would charge you a percent of amount you've withdrawn.

To avoid all of these charges you should open an account at the local bank and have your money directly transferred to it. Use online banking frequently. In case of credit cards, check in advance the charges that may apply to use it at a foreign land.

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